FOR FRIDAY: (4/6) More trade wars announced tonight are likely to unnerve overbought grains and meats now, so chances are they’re a sale and then we’ll see where we are on Monday. If grains pull back a few days and haven’t hit upper targets, then there might be a buy if you want to gamble before the USDA report on Tuesday. We have a bias for a positive reaction and continue to look at pullbacks into April 16 as providing the best possible entry. We’re completing research and this will be anything but a normal weather year, and that means grains will stay bid. Late plantings are a concern but it’s still too early to worry and hot and dry problems this summer may finally create a weather market—the double-edged sword.
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